Whirlpool Agrees to Buy Majority Stake in China’s Hefei Sanyo

Aug. 13 (Bloomberg) -- Whirlpool Corp. said it agreed to take a majority stake in Hefei Rongshida Sanyo Electric Co. for about $552 million.

Whirlpool, based in Benton Harbor, Michigan, will purchase shares from Sanyo Electric Co. and buy new Hefei Sanyo shares via a private placement, the company said today in a statement. The transaction is expected to be completed by the end of 2014.

To contact the reporter on this story: David Risser in London at drisser@bloomberg.net

To contact the editor responsible for this story: Simon Thiel at sthiel1@bloomberg.net

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